Hajra Naz
Wang Ning, the visionary founder and CEO of Pop Mart International Group, has officially overtaken Alibaba’s cofounder, Jack Ma, in wealth, thanks to the unstoppable global Labubu craze.
At just 38 years old, Wang is now the youngest among China’s top ten billionaires, with an estimated fortune of $27.5 billion, according to Forbes’ Real-Time Billionaires List. He ranks eighth, edging out Jack Ma ($26.7 billion) and Cambricon Technologies’ cofounder Chen Tianshi ($25.1 billion).
Pop Mart’s Meteoric Rise
Pop Mart’s Hong Kong-listed shares have skyrocketed over 250% in 2025, giving the toy maker a market capitalization of HK$435.7 billion ($56 billion). That’s more than three times the combined market value of Barbie-maker Mattel and Hasbro, signaling how serious the collectible toy industry boom has become.
On Thursday, the company launched the Labubu 4.0 series in China—quirky, rabbit-like dolls with pointed ears, jagged teeth, and mischievous grins. Each figure retails for 79 yuan ($11), with 28 collectible designs and two rare special editions.
The hype was instant. The dolls sold out within minutes on Pop Mart’s official WeChat and Tmall stores, with resellers already listing them for double or triple the price on second-hand marketplaces like Xianyu.
What is Labubu?
Labubu is one of Pop Mart’s most popular collectible toy characters. Originally designed by artist Kasing Lung, Labubu is a mischievous, rabbit-like figure with spiky teeth and an edgy yet cute appearance.
Over the years, Labubu has become a cultural phenomenon, especially among Gen Z collectors, toy enthusiasts, and pop culture fans. Unlike traditional toys, Labubu functions more like an art collectible—with limited drops, rare editions, and resale markets driving its value.
Its unique design and blind-box distribution model (where buyers don’t know which figure they’ll get) have made it addictive for fans, fueling what’s now called the “Labubu Mania” on social media.
Read More: 46% of Gen Z Is Limiting Screen Time: Here’s How Brands Reach Them Online and Offline
Record-Breaking Sales
Wang Ning recently predicted that Pop Mart could “easily” hit 30 billion yuan ($4.1 billion) in sales this year. In the first half alone, sales surged 204% year-on-year to 13.9 billion yuan, while net profits jumped nearly 400% to 4.6 billion yuan.
International demand is exploding, too. The Americas, including the U.S., became the fastest-growing region, with sales climbing over 1,000% year-on-year to 2.3 billion yuan in the first six months.
This isn’t just a Chinese phenomenon anymore—Labubu is going global. The latest Labubu mini-editions will roll out in overseas markets, including the U.S., Australia, and Thailand, starting Friday.
Celebrity Endorsement & Pop Culture Hype
Part of Labubu’s success comes from its celebrity fans. Rihanna, Kim Kardashian, and Blackpink’s Lisa all collect them. Their influence turned Labubu into a lifestyle collectible, not just a toy.
On TikTok, Instagram, and Xiaohongshu (RED), Labubu dominates. Unboxing videos, resale tips, and fan groups drive the hype. The hashtag #Labubu has millions of views worldwide. It has cemented its place as a viral collectible phenomenon.
The Bigger Picture
Pop Mart’s rise shows how toy collectibles, art toys, and blind-box culture are turning into a multi-billion-dollar global industry. Big names like Mattel and Hasbro are struggling to adapt. But Pop Mart is capturing Gen Z and millennials. They see collectibles as more than toys. They treat them as investments, fashion pieces, and cultural icons.
Labubu now stands next to Barbie, Funko Pop, and Pokémon. Analysts believe Pop Mart is leading what could be the “golden age of designer toys.”
